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Managing the New Generation by Carolin Rekar Munro

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Recognizing staff – possibilities beyond cash

Even though money is important to Gen Y and appreciated at the time it is received, it is here today and gone tomorrow, that is, it is quickly spent and forgotten. Hence, it can weaken the intended purpose of rewards and recognition. To limit this from happening, there is another category of incentives that is equally salient for us to adapt alongside financial rewards. The added bonus is that it can be far less cost draining on our organization than monetary incentivizing. If we are committed to design a reward and recognition system that is earmarked as a drawing card for Gen Y, then let's cast our gaze beyond money and into a domain that is often overlooked. It falls by the wayside due to the busyness ...

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